Keppel has secured about $600 million in new contracts for proprietary technology, engineering solutions and operation & maintenance (O&M) services.
These latest wins, won via its infrastructure division, comprises both brownfield and greenfield projects in Singapore and the region.
These new contracts have raised the backlog of long-term contracted revenues for Keppel’s decarbonisation and sustainability solutions from $6 billion as at end-2024 to over $7.1 billion. The revenue is to be earned over 10 to 15 years.
Some of the contracts won include a collaboration with JTC Corp to interconnect the existing Fusionopolis 2A chilled water plant with Keppel’s Infrastructure Division’s Biopolis and Mediapolis district cooling system plants.
By doing so, Keppel has helped form Singapore’s first fully-integrated and largest chilled-water thermal grid, supporting more than 25 developments.
Keppel is also providing "cooling-as-a-service" for several mixed-use developments, commercial buildings and malls in Singapore.
The company won contracts too in India, Thailand and the Phillipines.
Cindy Lim, CEO of Keppel's infrastructure division, says that these new contracts help underpin her unit's healthy book‑to‑bill ratio and high visibility on recurring cash flows.
"These recent wins demonstrate the growing traction of our integrated ‘Solutions‑as‑a‑Service’ model, as customers increasingly shift towards innovative, subscription‑based solutions that lower operating and manpower costs," she adds.
Keppel shares closed at $10.75 on Feb 2, down 1.65% for the day but the stock is up 59.5% in the past year.
